Ethereum ETFs got off to $138 million start!
The extraordinary volume remains to be a fraction of the the Bitcoin ETFs traded amidst their premiere in Canada early this year.
The world’s first Ethereum exchange-traded funds (ETFs) began their trading this week, and got off to an amazing start. All in all, the trio of Canadian ETFs have racked up by $138 million in trading volume up until now.
The Ethereum ETFs, which are run by Purpose Investments, Evolve ETFs, and CI Global Asset Management, started trading on Toronto’s stock exchange (TSX) last Tuesday. The ETFs are products that allow the investors to buy shares that represent the second biggest cryptocurrency by market cap, Ethereum. Investors can now trade them continually throughout the day but they don’t have to worry about the tricky stuff that comes with holding crypto, like storage.
And they got off to an amazing start for an ETF launch in Canada. CI Global Asset Management traded over $22 million. And since then, that number has risen to $79 million.
While Purpose traded $20 million on the first day and Evolve, $3 million. They both are standing at $54 million and $5 million consecutively.
It may sound like a lot, but it’s still a fraction of what the Bitcoin ETFs traded when they kicked off early this year in Canada: Purpose’s Bitcoin ETF traded around $80 million in its first hour and then Evolve raised $421 million in just a matter of two days.
The SEC has repeatedly rejected applications from the companies that wanted to set up a Bitcoin ETF in the US, part of it is because it is claiming that the Bitcoin market can still be easily manipulated.
Although, since Canada led the North American charge, with six crypto ETFs approved just this year, analysts are thinking that it won’t be long before the SEC finally will approve one. Bloomberg ETF research analyst James Seyffart stated last week that it will be unlikely that the US will have a Bitcoin ETF this year.
And currently, the SEC is considering eight high-profile applications for Bitcoin ETFs.
When the US market’s hunger for crypto is similar to Canada’s, more records could soon be broken.
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